Marsh has launched a new standalone insurance solution that provides financial protection to global businesses following any denial of access to their properties as a result of social unrest.
Marsh says that over the past three years many countries have seen an increase in strikes, riots, civil commotion, and terrorism that do not involve significant property damage. For example, following the 2017 terrorism attack at Borough Market in London, businesses in the immediate vicinity were unable to resume business for 11 days. Marsh estimates that the losses incurred from the kind of non-damage business interruption (NDBI) event that occurred at Borough Market could range from US$750,000-US$5 million.
To close this coverage gap, Marsh’s new Social Unrest solution provides protection for NDBI losses arising from any physical blockade that prevents customers and/or employees from entering or leaving an insured property. The waiting period – or the length of time before the coverage comes into effect – can be as little as 24 hours after an incident occurs.
Underwritten by Chaucer, Marsh’s Social Unrest solution is available exclusively to Marsh clients and provides limits up to US$20 million for denial of entry/leaving a property caused by:
- A protest, demonstration, or disturbance to the public peace;
- An act of terrorism and/or sabotage;
- Actions of any striker or locked out worker taken to further a strike or to resist a lock out;
- Actions of any civil or military authority for the purpose of preventing, suppressing, or minimising the consequences of any of the above occurrences;
- Decisions made by any lawfully constituted authority in responding to a threat made against persons and/or property, whether or not against a client’s employees or assets.